Barton under Needwood leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Barton under Needwood enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Barton under Needwood you would be well advised to investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| The Mortgage Works | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Barton under Needwood,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Barton under Needwood valuers.
Following lengthy discussions with the landlord of her basement apartment in Barton under Needwood, Mia initiated the lease extension process just as the lease was approaching the all-important 80-year threshold. The transaction was finalised in October 2008. The freeholder’s costs were kept to an absolute minimum.
In 2014 we were approached by Mrs Amy Baker who, having took over the lease of a ground floor flat in Barton under Needwood in June 2002. We are asked if we could estimate the price would be for a ninety year lease extension. Similar premises in Barton under Needwood with 100 year plus lease were valued around £171,800. The mid-range ground rent payable was £55 collected monthly. The lease ended in 2076. Given that there were 50 years unexpired we approximated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of legals.
Last February we were approach by Mr and Mrs. B Allen , who purchased a purpose-built flat in Barton under Needwood in May 1999. The question was if we could estimate the premium could be for a 90 year lease extension. Identical homes in Barton under Needwood with a long lease were worth £280,000. The average amount of ground rent was £45 invoiced every twelve months. The lease end date was in 2096. Having 70 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.